Expert answer:25 accounting questions

Answer & Explanation:QUESTION 1
1. 
Choose the one
alternative that best completes the statement or answers the question. Find the
ending balance in the account register.

$4271.87

$4664.14

$3803.25

$5118.87

10 points  
QUESTION 2
1. 
Choose the one
alternative that best completes the statement or answers the question. Find the
ending balance in the account register.

$1296.56

$2590.32

$1583.07

$2012.04

10 points  
QUESTION 3
1. 
Reconcile the bank
statement with the check register balance. Find the current balance.

$601.87

$596.00

$1193.94

$590.13

10 points  
QUESTION 4
1. 
Reconcile the bank
statement with the check register balance. Find the current balance.

$2374.39

$2375.44

$2373.34

$2394.64

10 points  
QUESTION 5
1. 
Solve the problem.
Find the trade discount on a bicycle that lists
for $80.95 if a discount rate of 15% is offered. Round to the nearest cent.

$11.64

$12.14

$68.81

$68.31

10 points  
QUESTION 6
1. 
Solve the problem.
Find the net price of a bicycle that lists for
$82.95 if a discount rate of 15% is offered. Round to the nearest cent.

$70.51

$12.69

$12.44

$70.76

10 points  
QUESTION 7
1. 
Solve the problem.
Calculate the trade discount for 3 chairs if the
unit price is $39 and a single trade discount of 6.25% is allowed. Round to the
nearest cent.

$73.13

$7.31

$41.44

$2.44

10 points  
QUESTION 8
1. 
Solve the problem. Round
to the nearest cent.
The list price of a keyboard is $788. If the
trade discount series offered is 10/30/20, find the net price by using the net
decimal equivalent.

$315.20

$472.80

$397.15

$390.85

10 points  
QUESTION 9
1. 
Solve the problem. Round
to the nearest cent.
The list price of a car is $8760. It is
available at either a 10/20/5 or a 35/30 trade discount series. Which trade
discount series gives the better deal? By how much?

10/20/5, $2006.04

10/20/5, $2628.00

35/30, $2628.00

35/30, $2006.04

10 points  
QUESTION 10
1. 
Solve the problem. Round
to the nearest cent or tenth of a percent.
Original price $1489.00; markdown $163.79. Find
the reduced price and the rate of the markdown.

· 
Reduced (new) price = $163.79
· 
Rate of markdown = 89%

· 
Reduced (new) price = $1652.79
· 
Rate of markdown = 11%

· 
Reduced (new) price = $1325.21
· 
Rate of markdown = 89%

· 
Reduced (new) price = $1325.21
· 
Rate of markdown = 11%

10 points  
QUESTION 11
1. 
Solve the problem. Round
to the nearest cent or tenth of a percent.
Reduced price = $22.21; markdown rate = 35%. Find
the original price and the markdown amount.

· 
Original price = $14.44
· 
Markdown amount = $7.77

· 
Original price = $34.17
· 
Markdown amount = $11.96

· 
Original price = $10.25
· 
Markdown amount = $11.96

· 
Original price = $29.99
· 
Markdown amount = $7.77

10 points  
QUESTION 12
1. 
Solve the problem. Round
to the nearest cent or tenth of a percent.
An item sells for $524.00 and is reduced to sell
for $440.16. Find the markdown amount and the rate of markdown.

· 
Markdown amount = $83.84
· 
Rate of markdown = 16%

· 
Markdown amount = $83.84
· 
Rate of markdown = 84%

· 
Markdown amount = $70.43
· 
Rate of markdown = 16%

· 
Markdown amount = $369.73
· 
Rate of markdown = 84%

10 points  
QUESTION 13
1. 
Solve the problem.

Ann Preston is married, has a gross weekly
salary of $543.74 (all of which is taxable), and the number of withholding
allowances she claims is 1. Use the tax tables to find the federal tax
withholding to be deducted from her weekly salary.

$32 

$33 

$31 

$30 

10 points  
QUESTION 14
1. 
Solve the problem.
Mai earns a gross weekly income of $464.00. How
much Social Security tax should be withheld the first week of the year? How
much Medicare tax should be withheld? Assume a 4.2% FICA rate and a 1.45%
Medicare rate. Round to the nearest cent.

· 
Social Security tax = $1.95
· 
Medicare tax = $0.67

· 
Social Security tax = $20.49
· 
Medicare tax = $7.73

· 
Social Security tax = $194.90
· 
Medicare tax = $67.28

· 
Social Security tax = $19.49
· 
Medicare tax = $6.73

10 points  
QUESTION 15
1. 
Solve the problem.
Find the interest paid on a loan of $2000 for 1
year at a simple interest rate of 7% per year.

$2140.00

$160.00

$140.00 

$14.00 

10 points  
QUESTION 16
1. 
Solve the problem.
Find the interest paid on a loan of $3946 for 5
months at a simple interest rate of 12% per year.

$198.96

$157.84

$236.76

$197.30 

10 points  
QUESTION 17
1. 
Solve the problem.
How much interest will have to be paid on a loan
of $10,138 for 7 months at a simple interest rate of 13.3% per year?

$793.15

$898.90

$674.18

$786.54 

10 points  
QUESTION 18
1. 
Solve the problem.
Find the installment price of a table bought on
the installment plan with a down payment of $30 and 6 payments of $51.12.

$336.72

$30

$306.72

$366.72 

10 points  
QUESTION 19
1. 
Solve the problem.
Find the amount financed on a TV with a cash
price $430.00 and a down payment of $86.00.

$86.00

$429.80

$344.00

$430.00

10 points  
QUESTION 20
1. 
Solve the problem.
Find the amount financed if a $25 down payment
is made on a camera with a cash price of $260.

$260

$235

$315.86

$25

10 points  
QUESTION 21
1. 
Use the table to find
the future value. Round to the nearest cent.

$15,000 at 1% compounded annually for 3 years

$15,301.50

$15,454.50

$15,450.00

$15,300.00

10 points  
QUESTION 22
1. 
Choose the one
alternative that best completes the statement or answers the question. Solve
the problem.
For the month ending June 30, TriCounty Nursery
has net sales of $251,000, cost of goods sold of $99,000, and operating
expenses of $70,000. Find the gross profit and net income.

gross profit:
$82,000; net income: $152,000

gross profit:
$152,000; net income: $82,000

gross profit:
$152,000; net income: $29,000  

gross profit:
$72,100; net income: $29,000

10 points  
QUESTION 23
1. 
Find the sales tax and
total sale. Round to the nearest cent.

Item
Marked Price

Sales
Tax Rate

$28.83

6%

$1.44; $30.27

$1.73; $30.56

$17.30; $46.13

$2.02; $30.85

10 points  
QUESTION 24
1. 
Find the sales tax and
total sale. Round to the nearest cent.

Item
Marked Price

Sales
Tax Rate

$978.08

6%

$48.90; $1026.98

$68.47; $1046.55

$586.80; $1564.88

$58.68; $1036.76

10 points  
QUESTION 25
1. 
Write the word or phrase that best completes each statement or
answers the question. Solve the problem. Round dollar amounts to the nearest
dollar.
Use the straight-line method to complete the
depreciation table for a combine harvester that costs $4300, has a salvage
value of $300, and has an estimated life of 5 years.

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